Financial Performance - The company's operating revenue for Q3 2025 reached ¥968.93 million, an increase of 26.68% compared to the same period last year[2] - The total profit for the quarter was ¥254.73 million, reflecting a decrease of 9.08% year-over-year[2] - Net profit attributable to shareholders was ¥238.23 million, down 4.63% from the previous year[2] - The basic earnings per share for the quarter was ¥0.59, a decrease of 3.28% compared to the same period last year[2] - Total revenue for the first three quarters of 2025 reached CNY 2,479,547,947.46, a 26.7% increase from CNY 1,954,701,664.76 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 666,123,781.87, representing a 20.2% increase compared to CNY 554,149,217.81 in 2024[20] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 1.64, up from CNY 1.36 in the same period of 2024[21] Research and Development - Research and development expenses totaled ¥109.54 million, an increase of 22.90% year-over-year, representing 11.31% of operating revenue[3] - Research and development expenses for the first three quarters of 2025 totaled CNY 279,335,347.75, an increase of 44.5% from CNY 193,341,950.18 in 2024[20] Assets and Liabilities - Total assets at the end of the quarter were ¥3.79 billion, a 24.12% increase from the end of the previous year[3] - Total assets as of the reporting date were CNY 3,786,248,215.19, compared to CNY 3,050,414,835.58 in the previous year[18] - Total liabilities increased to CNY 776,988,289.04 from CNY 497,098,543.83 year-over-year[18] - Non-current assets totaled CNY 1,551,638,564.12, up from CNY 1,223,324,670.50 in the previous year[18] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥471.12 million, an increase of 61.33%[3] - Cash flow from operating activities for the first three quarters of 2025 was CNY 2,454,222,650.87, compared to CNY 1,895,427,035.95 in 2024[23] - Net cash flow from operating activities amounted to ¥471,118,206.70, an increase from ¥292,015,044.33 year-over-year[24] - Cash inflow from investment activities totaled ¥1,047,660,067.17, compared to ¥548,482,799.76 in the previous period[24] - Net cash flow from financing activities was -¥83,917,940.47, a decrease from -¥171,371,528.22 year-over-year[25] Shareholder Information - The company reported a total of 8,608 common shareholders at the end of the reporting period[8] - Major shareholder Yang Ying holds 33.94% of the shares, with a total of 138,077,266 shares[8] Current Assets - As of September 30, 2025, the company's total current assets amounted to RMB 2,234,609,651.07, an increase from RMB 1,827,090,165.08 as of December 31, 2024, reflecting a growth of approximately 22.3%[16] - The company's cash and cash equivalents increased to RMB 449,450,206.30 from RMB 371,821,698.43, representing a growth of about 20.9%[16] - Accounts receivable rose to RMB 788,908,929.03 from RMB 771,496,539.39, indicating a slight increase of approximately 2.3%[16] - Inventory levels increased to RMB 374,644,060.24 from RMB 263,546,426.51, marking a significant rise of around 42.2%[16] Donations and Community Projects - The company has committed to additional donations totaling RMB 8 million for various hepatitis-related projects, with RMB 600,000 already donated during the reporting period[11] - The company has donated RMB 540,000 to the "Oasis Project" aimed at reducing liver cancer incidence among hepatitis patients, with total donations reaching RMB 3,370,000 to date[12] - The company has pledged RMB 900,000 for HBV-related liver cancer prevention projects, with RMB 200,000 donated so far[13] - The company has also committed RMB 1 million to the "Little Bamboo Shoot" children's health project, with RMB 250,000 already contributed[13] Fixed Assets - The company’s fixed assets increased to RMB 608,598,977.21 from RMB 496,526,291.01, reflecting a growth of approximately 22.5%[16] - The company’s construction in progress rose to RMB 267,704,214.37 from RMB 181,556,607.69, indicating an increase of about 47.5%[16]

特宝生物10月22日公告，2025年第三季度实现营业收入9.69亿元，同比增长26.68%；归属于上市公司股 东的净利润2.38亿元，同比下滑4.63%；基本每股收益0.59元。前三季度实现营业收入24.8亿元，同比增 长26.85%；归属于上市公司股东的净利润6.66亿元，同比增长20.21%。 ...

Group 1 - On October 22, 2023, TeBao Bio conducted a block trade of 232,800 shares, with a transaction amount of 17.9978 million yuan, accounting for 11.7% of the total trading volume for the day [1][2] - The transaction price was 77.31 yuan, which was consistent with the market closing price of 77.31 yuan [1][2]

Market Overview - The biopharmaceutical sector experienced a decline of 0.57% on October 22, with Aopumai leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Wendi Pharmaceutical (688488) with a closing price of 14.77, up 4.01% [1] - Dongbao Bio (300239) at 5.78, up 2.66% [1] - Jinke (688670) at 17.03, up 2.59% [1] - Major decliners included: - Aopumai (688293) at 55.19, down 4.40% [2] - Wofu Bio (300357) at 31.63, down 3.18% [2] - Sanofi (688336) at 59.60, down 2.39% [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 192 million yuan from institutional investors, while retail investors contributed a net inflow of 53.82 million yuan [2] - Specific stock capital flows included: - Te Bao Bio (688278) with a net inflow of 19.00 million yuan from institutional investors [3] - Hualan Bio (002007) with a net inflow of 12.05 million yuan from institutional investors [3] - Aopumai (688293) with a net outflow of 4.40% from institutional investors [3]

Core Viewpoint - The stock of TEBIO experienced a decline of 2.02% on October 22, 2023, with a current price of 76.96 CNY per share and a market capitalization of 31.307 billion CNY [1] Financial Performance - For the first half of 2025, TEBIO reported a revenue of 1.511 billion CNY, representing a year-on-year growth of 26.96%, and a net profit attributable to shareholders of 428 million CNY, which is a 40.60% increase compared to the previous year [2] Shareholder Information - As of June 30, 2025, TEBIO had 8,439 shareholders, an increase of 13% from the previous period, with an average of 48,204 circulating shares per shareholder, down by 11.51% [2] - The company has distributed a total of 577 million CNY in dividends since its A-share listing, with 506 million CNY distributed over the past three years [3] Stock Trading Activity - On October 22, 2023, TEBIO saw a net inflow of 8.826 million CNY from main funds, with significant buying and selling activity from large orders [1]

Investment Rating - The report maintains a positive outlook on the innovative drug and medical device industry, highlighting key targets for investment [5][24]. Core Insights - The innovative drug sector is experiencing high growth, with a focus on companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. The report emphasizes the potential for value re-evaluation in these firms [5][24]. - Recent business development (BD) deals in the innovative drug sector are expected to catalyze market activity, with notable transactions including Jiangsu Heng Rui Medicine's agreement with Kite for a $1.20 billion upfront payment, potentially reaching $15.20 billion in total [5][24]. - The A-share pharmaceutical sector underperformed the broader market in the third week of October 2025, with the Shanghai Composite Index falling by 1.5% and the SW Biopharma index declining by 2.5% [7][18]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Medical Devices - The report emphasizes the high growth potential in innovative drugs, with key investment targets including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. Related targets include CSPC Innovation Pharmaceutical [5][24]. 2. A-Share Pharmaceutical Sector Performance - In the third week of October 2025, the A-share pharmaceutical sector saw a decline of 2.5%, underperforming the Shanghai Composite Index, which fell by 1.5%. The report notes that the sector's premium relative to all A-shares is currently at a normal level, with a relative premium rate of 74.5% [7][14][21]. 3. Hong Kong and U.S. Pharmaceutical Sector Performance - The report indicates that the Hong Kong and U.S. pharmaceutical sectors also underperformed, with the Hang Seng Healthcare index dropping by 5.8% and the S&P 500 Healthcare index increasing by only 0.7% during the same period [18][24].

Core Insights - The article highlights the transformation of the Xiamen Biopharmaceutical Port and the success story of Teva Biopharma, which has evolved from a small team to a leading company in the biopharmaceutical industry in China [1][2]. Company Overview - Teva Biopharma, established in 1996, focuses on the research, production, and sales of recombinant proteins and long-acting modified drugs, primarily in the field of immunology [2]. - The company has developed several first-class new drugs, including Pegfilgrastim, Yipeng, and Peijin, based on its innovative platform technology centered around polyethylene glycol long-acting drugs [2]. Financial Performance - From 2018 to 2024, Teva Biopharma's operating revenue increased from 448 million to 2.817 billion, while net profit rose from 16 million to 827 million [2]. - In the first half of 2025, the company reported R&D expenditures of 202 million, reflecting a year-on-year growth of 48.77% [3]. Innovation and Development - Teva Biopharma emphasizes continuous innovation, with a focus on building a core technology platform that includes PEG modification, drug production, and optimization [4]. - The company has transitioned from a small team of 7 to over 2,000 employees and successfully listed on the STAR Market in January 2020, marking a significant milestone in its development [4]. Future Outlook - The company views innovation as its greatest opportunity and recognizes the risk of losing direction in the innovation process [5]. - Teva Biopharma aims to shift from single drug development to integrated innovation through multi-path technology, addressing complex diseases and enhancing clinical efficacy and value [5].

Investment Rating - The report indicates a current overall valuation of the pharmaceutical sector at 30.1 times earnings, ranking it 10th among 31 primary sectors in the market [5][8]. Core Insights - The pharmaceutical sector experienced a decline of 2.5% this week, underperforming compared to the Shanghai Composite Index, which fell by 1.5% [3][5]. - The report highlights significant corporate activities, including BMS's acquisition of Orbital Therapeutics for $1.5 billion, which includes a promising CAR-T therapy candidate and proprietary RNA platform technology [4][13]. - The report emphasizes the importance of the 2025 ESMO conference, where multiple Chinese pharmaceutical companies are expected to present clinical data, suggesting a focus on innovative drug sectors and companies with improving performance in medical devices and upstream sectors [4][19]. Market Performance Summary - The pharmaceutical sector's performance this week ranked 16th among 31 sub-industries, with various segments showing mixed results: - Raw materials (-2.3%) - Chemical preparations (-1.7%) - Traditional Chinese medicine (+0.4%) - Medical devices (-5.4%) [3][8]. - The report notes that the pharmaceutical sector's index has seen a decline of 2.5%, while the overall market (excluding financials and oil) dropped by 4.2% [3][5]. Key Events Recap - BMS's acquisition of Orbital Therapeutics is a notable event, as it aims to enhance its capabilities in CAR-T therapies [4][13]. - The approval of new indications for Pegasys by Teva Biopharma is expected to strengthen its market position in hepatitis treatment [4][15]. - Mindray Medical announced plans to issue H shares and list on the Hong Kong Stock Exchange to support its international strategy [4][15]. Clinical Data Highlights - The report includes a summary of clinical data presented at the 2025 ESMO conference, showcasing various drugs and their efficacy in treating different cancers, which may present investment opportunities [19][22].

Investment Rating - The report indicates a current investment rating for the pharmaceutical sector, with the overall valuation at 30.1 times earnings, ranking 10th among 31 primary industries [3][5]. Core Insights - The report highlights a decline of 2.5% in the Shenwan Pharmaceutical and Biological Index, which underperformed compared to the Shanghai Composite Index's decline of 1.5% and the overall A-share market's decline of 4.2% [3][5]. - Key events include BMS's acquisition of Orbital Therapeutics for $1.5 billion, which includes a candidate drug for CAR-T therapy and proprietary RNA platform technology [4][13]. - The report emphasizes the importance of the 2025 ESMO conference, where multiple Chinese pharmaceutical companies are expected to present clinical data, suggesting a focus on innovative drug sectors and companies with improving performance in medical devices and upstream sectors [4][18]. Market Performance Summary - The Shenwan Pharmaceutical and Biological Index fell by 2.5%, ranking 16th among 31 Shenwan primary sub-industries [3][5]. - The performance of various sub-sectors includes: - Raw materials (-2.3%) - Chemical preparations (-1.7%) - Traditional Chinese medicine (+0.4%) - Blood products (-1.6%) - Vaccines (-3.3%) - Other biological products (-3.6%) - Medical equipment (-5.4%) - Medical consumables (-1.7%) - In vitro diagnostics (-0.4%) - Pharmaceutical distribution (-1.5%) - Offline pharmacies (+0.6%) - Medical R&D outsourcing (-6.5%) - Hospitals (-1.5%) [3][8][5]. Key Events Review - BMS's acquisition of Orbital Therapeutics includes a candidate drug for CAR-T therapy and advanced RNA technology [4][13]. - The approval of a new indication for Peginterferon by Teva Biopharma enhances its market competitiveness in hepatitis B treatment [4][14]. - Mindray Medical announced plans to issue H shares and list on the Hong Kong Stock Exchange to support its international strategy [4][15]. - The report suggests monitoring companies presenting at the 2025 ESMO conference, particularly those in the innovative drug sector and those with improving performance metrics [4][18].

Core Viewpoint - The stock price of TEBIO has been declining for four consecutive days, with a total drop of 7.44% during this period, indicating potential concerns among investors [1]. Company Overview - TEBIO, officially known as Xiamen TEBIO Engineering Co., Ltd., was established on August 7, 1996, and went public on January 17, 2020. The company specializes in the research, production, and sales of recombinant proteins and long-acting modified drugs [1]. - The main revenue composition of TEBIO includes antiviral drugs (86.85%), blood/cancer drugs (12.87%), and other supplementary products (0.27%) [1]. Fund Holdings - Huatai-PB Fund has a significant holding in TEBIO, with its Huatai-PB Quantitative Chuangying Mixed A Fund (010303) holding 15,400 shares, unchanged from the previous period, accounting for 1.34% of the fund's net value [2]. - The fund has experienced a floating loss of approximately 18,500 yuan today, with a total floating loss of 96,100 yuan during the four-day decline [2]. - The Huatai-PB Quantitative Chuangying Mixed A Fund was established on November 12, 2020, with a current scale of 58.35 million yuan and has achieved a year-to-date return of 43.46% [2].